Digital asset regulation and tokenization in Serbia

A business issuing a token in Serbia must determine whether it represents virtual currency, a digital token or a financial instrument. This classification determines the roles of the National Bank of Serbia and Securities Commission and affects both the offer and subsequent services.

The Act distinguishes issuance, advertising and provider authorisation. Being able to create a token therefore does not mean it can be promoted without conditions, held for others or used to trade any security. The project needs to connect holder rights to each activity and permission.

How Serbia classifies virtual currencies and tokens

The Digital Assets Law, published in December 2020 and applicable from 29 June 2021, distinguishes virtual currencies and digital tokens. Exclusions cover certain closed-network assets, electronic money and mining as an original acquisition method. They do not remove the need to consider other regimes when providing intermediation, custody or financial services.

Article 7 refers assets constituting financial instruments to capital-markets law. Its exception requires all three conditions: the asset is not a share, is not fungible with shares, and issuance does not exceed EUR 3 million over twelve months. This is not a blanket exemption for every small tokenized offering.

Permissions handled by the NBS and Securities Commission

NBS supervises virtual-currency services; the Securities Commission oversees digital-token services. Hybrid models require coordination of both permissions. The authorities publish separate implementing provisions for licensing, capital, registers and offerings. Calling a product a utility token or describing a platform as a technology business does not determine its legal classification.

The NBS entry for VESCON allows verification of an actual permission and its listed services, without establishing approval for every token category. The Commission's August 2026 investor-guide announcement distinguishes disclosure, rights and risks. Document approval should not be presented as a supervisory investment recommendation.

Service requirements and unlicensed advisory activity

Applications identify services, company, significant owners, management, business plans and controls. NBS implementing rules address licensing and capital. Statutory amounts vary by activity, with a specific exception for platforms trading tokens from one issuer; a single headline figure therefore does not describe the cost or resources required to operate.

Advice defined in Article 55 has a specific unlicensed treatment, with a duty to disclose that status. This does not permit additional custody, intermediation or reserved financial-instrument activities. Additional services require a permission review. Overseas business remains subject to destination-country law, without automatic equivalence to MiCA authorisation.

Separating issuance, advertising and holder rights

Articles 16 and 17 distinguish issuance from advertising: issuance without an approved white paper is possible, but promotion is restricted unless a statutory exception applies. These include particular recipient or amount-based cases with their own conditions. Commission rules address disclosure documents and supplements; approval is separate from provider licensing.

Representing debt, equity or other rights requires identification of the obligor, entitlement and transfer rules. Articles 98 onwards regulate digital-asset pledges through a contract and registration by an authorised operator. A smart contract does not replace those requirements or turn a property-linked token into land ownership.

Organising custody, payments and provider controls

NBS publishes requirements for information systems, capital and transaction records. These interact with customer identification, AML and market-abuse controls. Article 78 requires separation of client funds and assets, excluding them from provider property on statutory terms; effective implementation depends on records and reconciliation.

The law restricts NBS-supervised financial institutions, with exceptions such as bank custody of cryptographic keys under its specific procedure. Merchant acceptance is also regulated through provider conversion and fiat settlement. Virtual currencies should not be described as unrestricted payment instruments or state-guaranteed assets.

Preparing Serbian issuance or services

Before issuance, document classification, intended recipients and advertising channels, and determine whether white paper approval is needed. The exception for certain financial instruments requires every condition to be met; issue size alone is insufficient.

For services, check permission and scope with the NBS or Securities Commission and address coordination where the model combines categories. Contracts, client records and return arrangements must reflect asset segregation and formalities for any security interest over the assets.

To understand how this framework applies to your project, discuss your case with our team.